21 December 2015
Dear sir. one client have house property by their father name. Now rent from that is being taxed in account of father. 1.Client wish to take on lease that whole property and then can all income from house property will be of son. is it will be appropriate or 2. father will make a gift deed of property? What situation can be better as per law?
21 December 2015
but under gift deed also the rent will be taxed in the hands of father since property transferred for an inadequate consideration. So both the options do not fulfill you requirement.
CAclubindia
